2006 Financial Overview and 2007 Priorities

Delivered on 2006 key priorities Scotiabank Priorities Performance 1. Focus on revenue growth Revenue growth of 9% 7 acquisitions in past 18 2. Effectively manage capital months, with a total investment of about $1.5 B 14% dividend growth Strong TCE: 8.3% 3. Leadership development Strong execution across organization Scotiabank 7 Exceeded 2006 performance objectives Q4/06 2006 Objective EPS Growth 11% 13% VS. 5-10% ROE 21.1% 22.1% VS. 18-22% Productivity 56.9% 55.3% VS. <58% 8

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